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Dec 31, 2021
Liquidity Services Q1 2022 Earnings Report
Liquidity Services reported earnings for Q1 2022 with revenue up 20% and GMV up 37%.
Key Takeaways
Liquidity Services reported a record GMV of $260.2 million, a 37% increase year-over-year, and revenue of $66.7 million, a 20% increase year-over-year. GAAP Net Income was $3.6 million, down from $4.5 million in the prior year, and Non-GAAP Adjusted EBITDA was $9.4 million, up from $8.8 million in the prior year.
Gross Merchandise Volume (GMV) of $260.2 million, up 37% setting a new all time record, and Revenue of $66.7 million, up 20%
GAAP Net Income of $3.6 million, down $0.9 million, and GAAP Diluted EPS of $0.10, down $0.03
Non-GAAP Adjusted EBITDA of $9.4 million, up $0.6 million, and Non-GAAP Adjusted Diluted EPS of $0.18, flat
Cash of $91.3 million, $61.3 million trailing 12 month operating cash flow, and zero financial debt
Forward Guidance
For Q2-FY22, Liquidity Services expects GMV to range from $260 million to $290 million, GAAP Net Income to range from $1.5 million to $4.5 million, GAAP Diluted EPS to range from $0.04 to $0.13, Non-GAAP Adjusted EBITDA to range from $6.5 million to $9.5 million, and Non-GAAP Adjusted Earnings Per Diluted Share to range from $0.11 to $0.20.
Positive Outlook
- continued R&D spending to support omni-channel behavioral marketing, expanded analytics, and buyer/seller payment optimization
- increased spending in business development activities to capture market opportunities, targeting expected payback periods of 12 to 18 months
- stabilized macroeconomic factors that most directly influence the supply and recovery rates of asset categories, such as transportation assets
- marketplace seasonality converging back to prior trends
- continued mix shift to consignment pricing model, which will lower revenue as a percent of GMV but can improve gross profit margins
Challenges Ahead
- variability in the inventory product mix handled by the RSCG segment, which can cause a decline in revenues and/or gross profit margins, including variability due to sellers better optimizing their reverse supply chain operations to return more product to shelves and to avoid episodic seller capacity constraints at certain warehouse locations
Historical Earnings Impact
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Avg. Return Before/After Earnings
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